MB Civic

Dayen in Firedoglake ..

Essentially, Europe has had a “Merkozy” policy led by the two center-right leaders of those countries, an alliance which has stood strongly for fiscal austerity in the face of recession. And that policy has failed, both in real economic terms and now in the popular electoral sphere .. This will come to a head if Hollande presses for a renegotiation of the fiscal pact among Europe. The Economist and other mainstream publications tried to paint this as the second coming of Armageddon. Even the framing of today’s New York Times piece – “Markets To Give France a Grace Period” (how nice of them) – underlines this perceived threat. In reality, the markets have been punishing an unending austerity that caused a second recession throughout Europe

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